After slow movements and long volatility around the $0.60 level, the XRP cryptocurrency finally took off, gaining nearly 15% in the last 24 hours.
In turn, Bitcoin, the leader of the crypto market, was finally able to surpass the expected level of 40 thousand dollars.
Reasons for the rise in the price of XRP:
The rise of Bitcoin inevitably also affected altcoins with high market capitalization, including XRP.
The most prominent and obvious reason that affected the price of Ripple is the announcement of Ripple, the blockchain company behind the cryptocurrency XRP, to expand its famous On-Demand Liquidity (ODL) services in the Asia Pacific region with the launch of the first ever direct ODL in Japan, according to the report. What the company announced today.
Japan is the largest market for Ripple for remittance business and RippleNet technology is very popular in the region.
ODL services play a major role in the adoption of RippleNet as it enables cheap and faster cross-border transactions using the digital currency XRP.
The first ODL services in Japan will be integrated by Ripple’s main and well-known strategic partner, SBI Remit Co.
Ripple hopes that the first implementation of ODL in Japan will help increase adoption of the technology provided by Ripple.
Mr. Nobuo Ando, Representative Director of SBI Remit said:
We see huge potential in leveraging blockchain technology to change not only the way payment transactions take place but also how we run our business by unlocking trapped capital.
The launch of ODL in Japan is just the beginning, and we look forward to continuing to push the next frontier of financial innovation, beyond real-time payments in the Philippines, and other parts of the region as well.
Ripple targets the $1.8 billion Philippine remittance market:
Japan is home to a large portion of the foreign population who came to the country to work.
One such important foreign community in Japan comes from the Philippines which has the third largest foreign population in the country.
Every year these foreign nationals send money home using foreign exchange and money transfer services.
According to estimates, the Filipino community remits $1.8 billion.
Sending money via traditional methods can be slow and expensive, and Ripple hopes to tap into the market with its newly launched ODL services.
Ripple also hopes to capture the growing remittance market through the partnership and enable as many crypto platforms as possible in the region to adopt their ODL services.
Ripple is currently struggling in a major lawsuit brought by the US Securities and Exchange Commission that has hindered its business in the US, however, it continues to forge new partnerships in the Asia-Pacific region, particularly Japan.